Largest Bank in the Eurozone Commissions a Study on the Impact of Bitcoin on the Banking Industry

Santander Group, the largest bank in the Eurozone by market value, commissioned 'insight network' and consultancy firm Yegii to conduct a study to "analyze the impact of bitcoin and other cryptocurrencies on banks and devise a strategic course of action".

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Santander Group, the largest bank in the Eurozone by market value, commissioned 'insight network' and consultancy firm Yegii to conduct a study to "analyze the impact of bitcoin and other cryptocurrencies on banks and devise a strategic course of action," reported HashReport.

Yegii is based in Massachusetts and was founded in early 2014 by MIT Sloan School of Management senior lecturer and managing director at Tautec Consulting, Trond Undheim. Yegii is a consulting agency and an 'open innovation platform' which tackles technologic, political and business model-related issues. Its goal is to consolidate information from all sides of socioeconomics in order to guide company executives.

- Trond Undheim

According to the release, Banco Santander’s head of corporate development, Julio Faura, initiated the study. Undheim said:

"[Faura was] looking for additional outside perspective onto the topic of Bitcoin. While acquiring consulting services from top tier consulting firms can be exciting, he thought that an outsider, multidisciplinary perspective, would be particularly helpful."

Spanish banking group Banco Santander (Santanger Group) was founded in 1857 by 76 businessmen. Santander is one the largest banks in the world in terms of market capitalization and was named in 2014 by Euromoney magazine as the Best Bank in Western Europe, Spain, Mexico, Portugal, Argentina and Puerto Rico. The financial institution was ranked 43rd on Forbes' list of World's 2000 Largest Companies, above Goldman Sachs Group, Commonwealth Bank and TD Bank Group.

According to the release, Undheim is looking to build a 'dream team' of multidisciplinary experts in management, science, engineering, banking, as well as Bitcoin, "ideally from different continents, and to include both believers and skeptics."

He believes this challenge is a great opportunity for bitcoiners to express their opinions, as well as acquiring "the support of a major multinational bank that is very forward thinking," read the announcement.

Undheim welcomes Bitcoin experts and enthusiasts who wish to get involved in the study by registering here, then submit an initial response to how one would approach the impact of Bitcoin on banks here.